China

Apple CEO Tim Cook signed $275 billion secret deal with China in 2016

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Apple CEO Tim Cook reportedly signed a deal worth $275 billion with the Chinese government in 2016 during one of his visits to the country, The Information reports

 

To improve Apple's access to the Chinese market, Cook lobbied officials for concessions that would allow Apple to do business in China in exchange for investments worth $275 billion into the Chinese economy over five years.

 

Cook signed the five-year agreement after sudden regulations against Apple's business in China, according to internal Apple documents viewed by The Information. China had banned iTunes and threatened to do the same with Apple Pay, iCloud, and the App Store.

 

Apple’s iPhone recently became the top-selling smartphone in China for the first time in six years.